“Investors consider this as a bullish regime shift, as it marks the first decrease in CPI inflation over the last three months,” Bitfinex analysts said in a market update. This, together with the Federal Reserve previously announcing its intention to taper the central bank’s balance sheet run-off, “is seen as a favorable print for risk assets,” Bitfinex added. Original
The decentralized indexing protocol has raised over $17 million lifetime from venture capital firms and community investors. Source
The consistent slide in inflation in 2023 had most, including the U.S. Federal Reserve, coming into 2024 expecting appreciably easier monetary policy throughout the year. Instead, inflation has actual risen a bit thus far this year. Along with an economy that continues to grow, it’s put the kibosh on the thought of any imminent central bank rate cuts. Coming into Wednesday’s CPI report, the odds of a summer rate cut by the Fed were low and traders had priced in just a 50% chance of move in September, according to…
Bitcoin made some cautious gains on Wednesday ahead of the latest inflation data from the U.S. BTC is priced at $62,775 at the time of writing, up 1.8% in 24 hours. The wider digital market, as measured by the CoinDesk 20 Index (CD20), also ticked up, adding 0.55%. April’s U.S. Consumer Price Index (CPI) inflation data is due at 08:30 ET, with expectations that it will show a 3.4% year-on-year increase, slower than March’s 3.5%. Some analysts expect a softer-than-expected CPI reading could lift bitcoin above $65,000. Original
On-chain data suggests demand for Bitcoin remains significant as newcomer whales in the sector have been scooping up 200,000 BTC every week. Short-Term Holder Bitcoin Whales Have Continued To Accumulate Recently As explained by CryptoQuant author Axel Adler Jr in a post on X, the demand among the short-term holder whales has decreased since the all-time high, although it still continues to remain strong. Related Reading The “short-term holders” (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago. This cohort…
Of the two, the CPI report is of more import and economists are forecasting that gauge to have risen 0.4% in April, in line with the March advance. The annual pace of headline CPI is seen slowing to 3.4% from 3.5% in March. The so-called core CPI – which strips out food and energy costs – is expected to rise 0.3% in April versus 0.4% in March, with the annual pace falling to 3.6% from 3.8%. Original
“Since the halving, we have seen nearly zero growth in stablecoin inflows, and bitcoin futures leverage has been dramatically reduced. Contrary to the bullish tweets about a post-halving rally, crypto users have voted with their money by withdrawing or pausing inflows,” Markus Thielen, founder of 10x Research, said in a note to clients Monday. Source
El Salvador, the world’s first country to use Bitcoin as legal tender, has launched its own platform that provides public access to BTC investment data via a personalized mempool. According to the most recent mempool data, El Salvador presently possesses 5,748.76 BTC, worth more than $352.8 million. El Salvador’s latest move establishes a new benchmark for financial transparency in government operations. It also validated the much-hyped concept of an immutable public ledger, which has long been advocated by Bitcoin and cryptocurrency aficionados. On May 12, the Bitcoin Office, a Salvadoran…
“In principle, people participate in meme coins because (i) the value might go up, (ii) they feel democratic and open for anyone to participate, and (iii) they are fun,” Vitalik Buterin, founder of leading smart contract blockchain Ethereum, which is also the home to several popular meme coins, said in a blog post. Source
Arthur Hayes, former CEO of crypto exchange BitMEX, said in his latest essay early Friday that bitcoin has likely bottomed at this week’s lows of $56,000, but warned investors to expect a gradual climb instead of a swift recovery to the March highs as markets will cool for the next few months. “Did bitcoin hit a local low […] earlier this week,” asked Hayes. “Yes,” he concluded. “I expect prices to bottom, chop, and begin a slow grind higher.” Original